Shiba Inu Coin’s Shiboshi NFT collection sold out in just 35 minutes last night as hodlers rushed to mint one of 10,000 SHIB-based NFTs.
While Shiba’s project lead Shyoshi Kusama praised the speed at which the Shiboshi’s sold, they were met with significant backlash from users who spend hundreds in gas fees, but still could not buy a Shiboshi NFT.
Here’s a look at what happened.
Gas Prices Hit Hodlers
After the main Shiba Inu Coin account announced the Shiboshi NFTs would release on October 14, Shytoshi gave further details about the launch on their own Twitter profile. The launch was scheduled for 5:30 PM EST.
According to Shytoshi, the 10,000 NFTs were all claimed within 35 minutes.
While the launch may have been a success for some Shiba followers, others took to social media to criticise the release and its gas fee issues.
It appears that the NFT minting process burned many prospective NFT owners. After one transaction was required to gain approval, SHIB users were unable to mint a Shiboshi NFT, resulting in several failed transactions, of which it is difficult to refund.
Shytoshi addressed hodlers’ concerns with the gas fees after the launch. They shared a tweet from the Shibarium – the Shiba blockchain project – that stated it would be a solution to high gas fees that come from the Ethereum blockchain.
SHIB is down 11.16% in the past 24 hours at the time of writing.